Slowly Company had the following transactions during its first month of operations:
30 Paid monthly rent of $500,due on the last day of the month for the month of June.
30 The Board of Directors declared and paid dividends of $1,000.
REQUIRED:
1.Journalize the entries.Omit the explanations.
2.Prepare a single-step income statement for the first month of operations.
3. Prepare a statement of retained earnings for the first month of operations.

Question

Slowly Company had the following transactions during its first month of operations:
  30 Paid monthly rent of $500,due on the last day of the month for the month of June.
  30 The Board of Directors declared and paid dividends of $1,000.
REQUIRED:
1.Journalize the entries.Omit the explanations.
2.Prepare a single-step income statement for the first month of operations.
3. Prepare a statement of retained earnings for the first month of operations.

Quizplus · Accepted Answer

The Answer of Slowly Company had the following transactions during its first month of operations:
  30 Paid monthly rent of $500,due on the last day of the month for the month of June.
  30 The Board of Directors declared and paid dividends of $1,000.
REQUIRED:
1.Journalize the entries.Omit the explanations.
2.Prepare a single-step income statement for the first month of operations.
3. Prepare a statement of retained earnings for the first month of operations.

Slowly Company Had the Following Transactions During Its First Month